Recruitment solutions for business success tip #2: benefits packages
In an environment where candidates may have a wide range of choice when it comes to job-hunting, one way of standing out from your competitors is offering employees perks and benefits they might not be able to get anywhere else, to make working for your company the most attractive option. We delve into what companies can offer so that recruitment and retention is less of a challenge, as employees – especially millennials and Generation Z – are beginning to consider more than just salary when it comes to their career.
Types of employee benefits
There are different types of benefits that your company can offer its employees to increase their wellbeing and job satisfaction to help you attract and retain the top talent in your industry. Some of these require a degree of budget, but others can be effected culturally, with little or no investment.
The following perks come at a price, but as employee satisfaction improves you should not only see reduced staff churn, but also an increase in productivity as well as a wider talent pool of candidates for vacancies:
- Health insurance
- Childcare support
- Tuition reimbursement
- Employee assistance programmes
- Enhanced pension plans
- Gym membership
- Company car
- Complimentary snacks
- Games or nap room
Less expensive alternatives can still be impactful, such as:
- Casual dress code
- Flexible hours
- Remote working
- Cycle-to-work schemes
- Training and development opportunities
- Local loyalty cards
It is worth noting that tailoring the benefits to the demographic of your staff is as important as offering them in the first place, as if they don’t meet your employees’ needs or interests they’re not likely to help with retention or recruitment.
Staff benefits packages to widen your pool of potential applicants
By offering a standout benefits package tailored to the wants and needs of your target demographic workforce, you should gain more interest from potential applicants. Not only will it help you to attract the top talent as they will be more likely to choose your company over a similar one based on your package, but you can also widen your pool of job hunters if you can offer terms that can help them balance their work-life commitments. For example, a parent who must factor in childcare costs and availability for school pick up/drop off might have to turn down a job if benefits such as flexible working hours, childcare support and remote working aren’t available.
How to have happy and healthy employees – a long-term investment
Offering great benefits packages can be seen as a long-term investment in your employees. From a retention perspective, staff are less likely to leave a job with lots of benefits that they can’t get anywhere else. From a health and wellbeing perspective, healthcare plans can mean quicker treatment and recovery, so reducing absence, while enhanced sick pay can reduce the spread of infectious diseases around an office. An attractive, supportive working culture and environment can additionally reduce burnout and stress.
Packages that support employee health can make current workers feel valued. This can reduce staff churn, and could even mean they share with family and friends their positive experience of working for your company, which in turn will enhance your employer brand to help you attract top talent. While offering employee benefits incurs upfront costs and admin, the long-term benefits in terms of recruitment, retention and productivity are arguably worth the investment, especially in the current climate.
If you’re looking for business accommodation to help you attract the best talent, get in touch
Share this page
